Town boss Mick McCarthy received the firm backing of managing director Ian Milne as well as several, although by no means all, shareholders at this evening’s PLC AGM held in the Sir Bobby Robson Suite at Portman Road.

Just over 100 shareholders attended the meeting, which TWTD liveblogged here.

While several of those present expressed their support for McCarthy during a question and answer session, a similar number were critical of the Blues boss during a frustrated rather than tetchy evening.

“I think it was understandable, the criticism and the concern but I was particularly pleased with the support for Mick, they understand what he’s trying to do,” Milne said afterwards.

“We all know we’re going through a difficult time with the team. The players are giving 100 per cent, but it’s just not clicking.

"We’re not playing the way we want to be playing and we know we can play, in a better quality way.

“The Wigan result wasn’t the greatest performance but we won, with some luck, and we’ve got to keep pushing on, looking at the transfer window, as Mick has said. Marcus and Mick are going to go again, funds are available for the right player.”

Milne reiterated that McCarthy’s job is not in question: “Mick’s going nowhere as far as I’m concerned."

Speaking at the start of the meeting the Blues MD outlined owner Marcus Evans’s current approach to competing in a Championship in which relegated former Premier League sides with parachute payments have a significant financial advantage.

He says Town need to maintain a steady level of investment while building a strong academy which will provide players for the first team, continue to make astute signings of young players such as Grant Ward and Adam Webster, and maintain a competitive wage structure.

He says McCarthy and Evans regularly liaise on potential additions to the squad: “Marcus and Mick have weekly review discussions where they go through things in depth, player by player, they look at up and coming academy players. They look at what’s out there in the market that they may want to go for.

“They talk about budgets for players and all the rest of it. It’s quite a lengthy discussion every week.”

The financial highlights for the year to June 2016 released yesterday showed the Blues made a £6.6 million loss, while the wage bill was £16.57 million, up from £15.97 million during the previous season.

“There are clubs who are putting similar investment in,” Milne added. “Although Wigan have got £16 million in parachute payments they're paying more or less the same salaries as we are. And perhaps they’re not getting the value for them that we are.

“But there are other clubs that are investing the same money and are following Financial Fair Play. Although we’re not breaching it we’re right up there with it and that’s why we’ve got a £6.6 million loss.”

Town’s debt, which is almost wholly owed to owner Marcus Evans, now stands at £86.51 million but Milne says there is no expectation of it being paid back.

“I suspect the only time that he would want to get some payback is in the Premier League,” he continued.

“But he doesn’t want any payment, there’s been no mention at all, no discussion, nothing about repayment of that at all.”

This year’s financial highlights actually showed that the debt dropped from £87.19 million the previous year

This was largely due to £1.4 million - an instalment of the Tyrone Mings transfer fee - moving from Town to another company in the Evans group which is there to provide funds to companies elsewhere in the group, including the Blues, as and when they need them.

Similarly, when a company such as Town has surplus funds they're moved to that other company in order to get the best interest rate. Town have drawn back funds in the months since the end of the last financial year.

The financial highlights showed profits from the disposal of players to have been £603,000 last season, which related to a £500,000 top-up when Aaron Cresswell hit an appearance milestone with West Ham - Town receive £500,000 every time he makes another 30 league appearances up to a set level - and also smaller top-ups for other players, as well as a fee for Jonny Parr when he joined Norwegian side Strømsgodset.

The subject of Premier League parachute payments and the way they are currently skewing the Championship towards the recently relegated clubs came up on a number of occasions during the AGM with Milne believing the situation could ultimately lead to a “franchise league” with the same teams regularly going up and down.

He believes the situation can’t remain the same and wouldn’t be averse to a Premier League second division in order to level the playing field, a view he says some other Championship clubs also hold.

“I’ve been saying for quite a number of years, and so have a number of clubs, that we need a different architecture,” he said.

“I feel we should discuss it with the Football League, we should discuss it with the FA. It really has got to come from the owners and Marcus really is thinking about this.

“I know other owners do want to talk about this. They’re not prepared to continue to put this sort of amount of money into it without really getting a better share of the media money. You’ll have seen the figures of the international rights and all the rest of it.

“We know this is a very competitive league, it’s a highly watchable league, I think it’s more exciting than a lot of Premier League matches.

“But there is such a financial disparity between those teams at the top and the rest. And to be fair I think the Football League can’t cater to three masters, the Championship, League One and League Two. They’ve different animals.

“Something’s going to give. I’m saying that and I’m convincing Marcus that’s how it is and he doesn’t disagree with me.

“I’m talking to every owner that’s prepared to listen to me on this and quite a few are.”

Meanwhile, Milne said he feels for loan midfielder Jonny Williams, who will be out for 12 weeks having undergone shoulder surgery earlier today.

“He’s had such bad luck. I understand that he will be doing all his rehab here,” he said.

The season-long loan agreement with Crystal Palace means Town don’t pay a penny of the Wales international’s wages while he’s out injured and it’s likely the Blues will look for a replacement while the 23-year-old spends his latest spell on the sidelines.

Photo: TWTD

mrmorisato added 00:01 - Dec 22 Well, atleast its encouraging that Mick and Evans are discussing transfer targets on a weekly basis, does this mean Evans can match the fees required to bring them to this great club of ours? I don't see McCarthy as being the one who will guide this team into the promise land as hes too one dimensional #£20milliontransferwarchest
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Carberry added 00:31 - Dec 22 I'm sorry but I just don't believe all this stuff. Why is he discussing the reorganisation of leagues when we are in the biggest crisis the Club's seen for years. It is pitiful the depths we have fallen to with these cowboys. WHERE'S EVANS?
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christiand added 00:59 - Dec 22 MM drops any of the youngsters at the first opportunity, can't see how this is using the academy effectively? Just don't believe a word that comes out of any of their mouths, all spin to cover their backs. I also like how they say money is available for the right 'PLAYER' in January that's the singular then, when the squad is in dire need of a massive overhaul!!
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Safetyfirstmrwark added 01:54 - Dec 22 No footballing ambition, no sense of community, no passion. Evans OUT. Tax dodging is not a great basis as a starting point for owning a once proud football team.
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Tractamatt added 03:00 - Dec 22 I just hope that they are discussing s permanent move for Lawrence as he has been our standout outfield player this season and is the sort of player that the top brass need to spend out on to prove that they really are aiming for promotion or just Championship comfort.
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KiwiBlue2 added 04:08 - Dec 22 Yes I immediately thought of Lawrence. Also Williams but sadly he seems to be fragile. Would like to see us with those two both are good ages and high quality in this league. Be fascinated to see what transpires. In the meantime here's hoping for at least 2 wins from the next three. Happy Xmas everyone and here's hoping for a much better 2017
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muccletonjoe added 04:34 - Dec 22 Those wanting mm out of the club better be prepared to repeat themselves for several years.
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Kirtonspanner added 05:21 - Dec 22 We're doomed!!!
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Penguinblue added 05:41 - Dec 22 McCarthy OUT Milne OUT Both are pathetic
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Mark added 05:53 - Dec 22 We always seem to win just before the AGM, it could have been a different mood had we have lost to Wigan! Even with that win we are closer to the relegation zone than play-offs, so factor in the poor playing style and dropping attendances it is hard to be positive with how things are at our great club. I agree about the astute signings of young players and note Webster and Ward were quoted. Both were signed this season and for me we have lacked investment in just those sort of young players over Milne and McCarthy's time. Yes there was Mings and several other free transfers who didn't work out, but we haven't invested much in transfer fees for youngsters instead often focusing on experienced older players like Bru, Coke, Tabb, Toure, Varney... As for the £16.57 million bill, which Milne referred to as "upper quartile" of the Championship at the Supporters' Club AGM, surely we should be higher in the table than 15th with a -2 goal difference? Maybe we should spend a little more on younger players and a little less on wages of senior pros? I don't know, it's hard to give easy answers, but it feels more likely we end up with ever reducing crowds than the Premier League unless the strategy changes somehow.

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prebbs007 added 06:06 - Dec 22 What do you actually do Milne ?? How different would the club he without you ?? You add nothing to the development of the club and there is no point in your role. The Marcus Evans group must have a hundred accountants who could push paper round and produce some numbers once a year. Go away and take the dinosaur with you so a forward thinking dynamic manager can be here for January.

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DurhamTownFan added 06:22 - Dec 22 All that rubbish about the youth set up..! MM only ever plays the kids when he has to, and will drop them at the first chance in favour of some tough old nut with more championship experience. Would rather rip it up and play a load of kids, even if it meant the next three years of where we are now. At least we'd have an identity and a plan. What's the plan right now, except 'spend as little as possible and convince everyone well have a play off push'..?

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Suffolk_n_Good added 07:00 - Dec 22 Well Milne saying McCarthy is going nowhere has just lost the club another 1,000 season tickets holders next season. ❎ McCarthy had the chance to prove he really will give youngsters a chance when Kenlock came in for Knudsen, had a decent game then got dropped after one game. ❎ McCarthy, Milne & Evans just don't get it do they, WE as fans want to see attractive football, McCarthy cannot provide this! I've not spoken to one fan who expects us to spend MILLIONS, not one fan who expects us to be able to financially compete with the likes of NEWCASTLE, DERBY, VILLA etc..... not one fan who would genuinely believe we don't have to sell every now & then to help balance the books. ❎ All we want is a team that will play attractive football, a manager that will set the team up to win, not set up "not to lose", players playing in the correct position (Chambers, Sears etc...) A manager who will back youth fully, not play them for a single game only to drop them again, what message does this send out??

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mickeyjb added 07:19 - Dec 22 Agreed, this rubbish coming from the AGM is polishing a turd. Praising someone for doing a poor job??? How does that work, he has lost a lot of the died hard fan base this past year. And yes my absence won't cause anyone any lack of sleep, however I won't be taking my son or his mates when I was going regular, He won't be telling his mates to come along. This attitude of apathy is infectious and will hurt the club for years to come, or if you wanted a simple fix change the manger and create some interest in what might be? At this moment we know what we are in for and that's why it's spot the fan when sky are brave enough to put us on TV!! Fair play to those who actually stood up yesterday and voiced their concerns, for a while Phil it sounded like a MM love in via your very good blog (thank you).

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GoldieBlue added 07:21 - Dec 22 What an absolute load of Sh*t. Feel like a mug just for reading this, and feel sorry for any who attended and had to listen to this rubbish from Milne and a bunch of yes men.
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Tractorboy1985 added 07:23 - Dec 22 I like u Suffolk n Good! Speak a lot of sense ✅
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dirtydingusmagee added 07:41 - Dec 22 it will be same old story when transfer dust settles,no significant signings made .Probably more chance of losing a player we'd do better keeping .
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BillBlue added 08:04 - Dec 22 These are a few of Milne's statements where I have followed each one with a comment. “I think it was understandable, the criticism and the concern but I was particularly pleased with the support for Mick, they understand what he's trying to do,” = What is he trying to do, no mention of that anywhere so what were these people satisfied with? "We all know we're going through a difficult time with the team. The players are giving 100 per cent, but it's just not clicking." "We're not playing the way we want to be playing and we know we can play, in a better quality way." = That is the role of the Manager and his choice of players (favourites) in starting positions is wrong and players playing out of position is disastrous. "while building a strong academy which will provide players for the first team," = To be left out in the cold by MM and the furtherance of their careers destroyed. For eg. George Burley played for first team at 16 and faced the person considered to be No.1 at the time and outplayed him as did many others. The worst news to come from last night is that Mick is not being fired. Therefore the only answer is a Director of Football who needs to thoroughly understand the game and preferably has a histopy of playing for or managing the Town. WITHOUT THAT I give up.

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Swn98 added 08:34 - Dec 22 Christianand you either don't believe a word that comes out of their mouths or you don't want to belive personaly I think it's the latter.
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grumpyoldman added 08:35 - Dec 22 Let's get things in perspective, the AGM is like a meeting of the old USSR politburo or the Chinese National Assembly. We the supporters have no influence over the decisions made by the club, they can make MM manager for life if they wanted, they have proved in the past they do not care about the us. There will always be some who rage against the machine with little or no effect, but others will lap up the morsels of hope in slavish obedience to the party line.

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Swn98 added 08:43 - Dec 22 Bilgeblue best you give up then, lots of comments on the news site mention how they've been loyal fans season ticket holders for years what a great club this is our fine traditions etc etc then they say their not coming anymore, being a true supporter with blue blood in their veins means supporting the club through good bad and indifferent times not abandoning the club when things don't suite them.

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TR11BLU added 09:00 - Dec 22 DON
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jas0999 added 09:04 - Dec 22 An extremely depressing read. The club have learnt nothing and are as arrogant as ever. It's going to be more of the same from Mick and Evans by the sounds of it. Cheap buys. Poor quality football. Falling attendances. Not good.
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BillBlue added 09:18 - Dec 22 SWN98 - Christianand is dealing in facts so how can you challenge him? You are a very weird person. Also please note my name is Bill not Bilge which just shows us all the level at which you live! WRONG again. A real supporter doesn't just trot along to a match, pay his money and watch trash. A REAL supporter will fight for his club and when things go wrong he will stand up and say so. How old are you SWN? Under your previous name you told us you had two children but, to me, sometimes, your mental age appears to be about ten.

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Surco72 added 09:18 - Dec 22 swnker98... Blindly accepting all that happens at the club is not supporting . The, club is continually coming out with excuses publicly which means they all know they are failing . It is the people who don't accept that will force change , not the weak who will sit and watch us slide further and further away from the premier league and just moan about bad luck and other clubs are bigger than us . How many clubs have gone down had even less money than us but have reached the prem or are higher than us Soton, Leicester,Brighton ,Leeds , Swansea , Brighton , Bournemouth . You can sit there thinking you are supporter of the year all you want but you are doing the club no favours

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